while there is certainly points of commonality, for example, clearing and the clearing requirement, the environment -- requirement that most be cleared through a central counter party that's certainly common common notions about margin which is obviously incredibly important to avoiding and containing risk has yet to be rules have yet to be finalized domestically or internationally. generally consensus on uncleared, there's a complete lack of parallelism in many of the most crucial rules. our definitions of instruments that come under title vii regulation swaps and security base the swaps differ in and sometimes and significant ways from those instruments that are covered under the european regime. in the united states, our title vii requires that market participants swap dealer, major swap participants and vairnlgty of host of other new players submit to a registration and oversight process. that's a coordinated and national process. what we're looking at across the atlantic, is that in large measure do market participates don't have any new registration obligation and entity like central clearing